This week on Make It Last Victor and Mark will be discussing inflationary psychology and how inflation can severely impact your retirement plan.
They’ll also be answering the two biggest questions pre-retirees have- when can I retire, and have I saved enough?
Finally, they’ll wrap things up with a game of Retirement “Yay or Nay?”
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Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Full Transcription Below
Mark Elliot: How about that, a little Prince to kick things off. This time of the year back in 1986, Prince started a two‑week run at number one on the US singles chart with obviously the song “Kiss.” It was also this week in 2016 that Prince died at the age of 57.
I think his estate was worth around 200 million. He did not have a valid will at all in place, which is right in the wheelhouse of the Medina Law Group and Palante Wealth. Welcome to “Make it Last” with Victor Medina. I’m Mark Elliott.
Do you have any questions about where you are on your road to retirement? It’s 856‑506‑8300. No cost, no obligation, no pressure. 856‑506‑8300. We’ll give you that number throughout the program. Prince, he was incredibly talented.
When you think about it, we all have that situation. We’re not guaranteed tomorrow. Prince passed away unexpectedly at the age of 57. There’s a lot of things you need to put in place. The team at Medina Law Group, that’s what they are here for ‑‑ to help you with estate planning.
Victor is a certified elder law attorney, so they can help you in that world of estate planning, wills, trust, all those things you need for your life and for your loved ones, really. Then Palante Wealth is about holistic planning for your retirement. Victor is a certified financial planner professional, a registered investment advisor.
The team at Palante Wealth teams up with the Medina Law Group to create your Make It Last plan and income strategy, investment strategies, tax efficient strategies and, of course, the estate plan.
We’re going to talk a little bit today on the program to start with, anyway, about inflation. Now, Victor, we know that when we go to the gas station, and we fill up our cars, it’s costing…It seemed like 20 to 30 percent more than it used to. I think I filled up my one car that’s got a pretty big gas tank, and I’ve done it usually around 60 bucks.
I went a little trip, 90 bucks it cost me. I’m like, “Holy cow, 60 was a lot. 90 is crazy!” Then you go to the grocery store. Right now, meat prices are up about almost 15 percent from March of 2022 to March of 2021. Breakfast cereal prices, up 9.2 in that same time frame. It doesn’t make sense if inflation is around eight‑and‑a‑half percent. That’s what they’re saying.
High 40‑year‑plus high average of inflation. Why do things go at different levels? Why doesn’t everything go up eight percent?...